Buisness Unit 1+2 Flashcards
What is a personal resource?
A personal resource de is anything that we can use to meet are needs or achieve our goals
What is a human resource?
A human resource is people in an individuals life who hep that person meet these goals
What is a financial resource?
A financial resource is a source of money (income) which allow people to buy goods and services
What is a physical resource?
A physical resource is are goods made by people such as buildings and equipment
What is a natural resource?
A natural resource is resources provided by nature for example land and water
Definition of time
Time is a resource that is limited
Define and need
A need is something we annoy live without eg food and water
Define a want
A want is something we can live without eg holidays
Define opportunity cost
The next best alternative for gone
Define Financial cost
The price we pay for goods and services which satisfy our needs and wants
What is a budget
A budget is a statement of Estimated income and expenditure for a period of time
What is income?
Income is money and or something about you that you receive. it maybe earned example to pay eployment or unearned income example from state benefits
Define expenditure
Expenditure is the amount of money spent during a particular period of time 
What are the three types of expenditure
The three types of expenditure are fixed expenditure irregular expenditure and discretionary expenditure
Define fixed expenditure
Fixed expenditure is money spent at the same Time each week each month and or each year the amount payable is usually fix and does not depend on usage
Define irregular expenditure
Irregular expenditure means that the bill may or may not be paid at regular times but the amount paid out and changes Example the more you use the more you pay 
Define discretionary expenditure
expenditure (non essentials) is money spent on things you want rather than need
